MARTIN Lewis has revealed two things you need to know about your rising energy bills.
But putting them into practice could help you reduce your energy bills or at least get help to afford some of the steep costs you’re set to face.
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The tips were revealed in this week’s installment of the MoneySavingExpert newsletter.
In total there were 10 things the money mogul said you should know about your energy bills.
From when the new cap is coming in, to whether now is the right time to switch, he said you should keep each in mind if you want to keep your costs as low as possible.
The latest newsletter also reminded households of the extra support they can take advantage to help manage the money they do to have spare.
That could be through schemes like the Warm Home discount – due to go up by a tenner later in the year too.
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Some households have had to make tough decisions between heating and eating and the finance guru himself has even been reduced to tears after being unable to directly help those struggling in the past.
But they always say to start with the bad news first, and Martin and his money saving team weren’t shy to remind households that the worst could still come.
Despite energy bills already due to rocket by £693, in April because of the new £1,971 price cap, there’s nothing to say they won’t go up again.
Prepare for the price cap to go up again
In the tips, Martin revealed: “If things stay as they are, the October price cap will rise another 20% on top.”
We haven’t yet reached the April 1 changes, but the money mogul revealed its worth looking a little further into the future so you can prepare yourself now.
He had worked out that the wholesale energy costs over February to July will typically let you know what the new cap with be in the autumn.
And if they carry on at the same rate, they’ll go up 20%, on top of what will already rise in April.
So the £1,971 cap, could reach £2,365 before long.
But he also cautioned that the price cap could just as well drop by next year if the costs of living crisis dies down.
There’s also ways you can help afford the costs, and Martin revealed why you shouldn’t dismiss the new rebates too quickly.
You could get ‘discretionary help’
Martin reminded households of the government help that’s due to be put in place from October too.
A £200 energy rebate will lower costs for Brits in the short term – though they will have to pay it back in £40 installments over the next five years.
But there’s also a £150 council tax rebate on the way too.
He said in the newsletter: “Not due the council tax discount but struggling? You may be able to get ‘discretionary help’.”
Many homes won’t pay council tax anyway, including student houses and more, so they won’t be in line for the £150.
Instead though, a £144 million discretionary fund will go to local authorities that should cover the backs of those who miss out.
It’s worth taking advantage of as the cost of living crisis starts to bite and food prices, to fuel prices and more rocket as well.
The extra help could help offset some of the rocketing spends you hve to fork out for.
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